Somebody just pointed this thread out to me.

I've made more money from modern 'gambling' markets than I ever did trying to trade or arbitrage. Modern gambling markets have totally turned conventional views upside down and I suggest you look at them again.

I know nothing about horses but make money each and every day from horse racing. Its been a revelation to me. I have been using exchanges since conception but only in the last couple of years has the volume and liquidity really taken off. There is well over £1bn in matched bets each month now.

"Gambling contains no management of the active period, the bets close BEFORE the race/ dice/ game begins and that is giving you full credit for your ability to select the bet ( entry)
You have NO control over the active period."

Is wrong, you can trade events well before and during the event now.

BTW, Arbitrage is not a one way street either and is not worth pursuing if you want to make serious money.